Chemix Labs Integrates Chainlink Price Feeds Oracle Network

Chemix Labs, the world’s first fractional — algorithmic synthetic asset protocol, has integrated Chainlink Price Feeds on the Arbitrum mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, Chemix Labs has access to high-quality, tamper — proof price feeds needed to establish fair market exchange rates when minting, exchanging, redeeming, and liquidating assets on the platform.

The initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, WBTC/USD, USDC/USD, USDT/USD. Chemix Labs chose Chainlink as their go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

“Chemix’s business requires continuous, reliable, and time-tested price sources. Chainlink provides that to Chemix Labs and its users. We trust the choices already made by countless other projects around the world using Chainlink.” 一 David Lei Chemix Labs Founder

Chemix Labs is derived from a chemical reaction corresponding to its core purpose of changing the form of assets. The goal of Chemix Labs is to establish a scalable, distributed, algorithm — adjusted synthetic asset management system. Its advantage is the improvement of user’s capital utilization and a stable arbitrage mechanism through real-time operations as minting, redemption, buyback, and re-collateralization.

ABOUT Chemix Labs
Chemix Labs (Chemix for short) is the world’s first fractional-algorithm synthetic assets protocol developed by the QIAN Protocol team. Chemix derives from Chemical reaction, and x stands for unknown and infinite possibilities, which combine for rich and diverse results. The protocol selects ‘partial mortgage’+’algorithm adjustment’ as its core technical concept, and creates an “anti-zeroing” mechanism for algorithm adjustment token.

ABOUT Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high — quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

RESOURCES
Medium